XAUUSD H1: The Ichimoku Forecast for the European Session at 4.12.2024
04.12.2024 09:16
Technical
Analyzing previous trading sessions, it is worth paying attention to the intersection of the Tenkan and Kijun lines, marked with a pink square. The fast Tenkan line fell below the Kijun line, which usually signals a change in trend to a downward one. However, later the price rose above the Tenkan line, which indicates the weakness of the downward impulse.
The second important signal is a change in the direction of movement of the Kumo cloud. This change is marked with a vertical purple line on the chart. The appearance of orange color in the cloud indicates a change in the main direction of movement to upward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan line remains below the Kijun line. However, the price has broken above both lines and moved higher.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
Dynamic support levels are on the Tenkan line, around the 2644.495, the SenkouA line, at the 2638.042, and the SenkouB line, around the 2644.045.
The dynamic resistance level is on the Kijun line, around the 2645.368 mark.
The second important signal is a change in the direction of movement of the Kumo cloud. This change is marked with a vertical purple line on the chart. The appearance of orange color in the cloud indicates a change in the main direction of movement to upward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan line remains below the Kijun line. However, the price has broken above both lines and moved higher.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
Dynamic support levels are on the Tenkan line, around the 2644.495, the SenkouA line, at the 2638.042, and the SenkouB line, around the 2644.045.
The dynamic resistance level is on the Kijun line, around the 2645.368 mark.